A TAKEOVER vehicle run by former Northern Rock boss Gary Hoffman confirmed a bid for 632 branches being sold by Lloyds Banking Group.

NBNK Investments, which was co-founded by Lord Levene, chairman of insurer Lloyd’s of London, has reportedly offered £1.5 billion for the estate, which is up for sale in order for Lloyds to meet European competition rules.

Other bids are thought to have come from American investment firm Sun Capital and the Co-operative Banking Group.

In a statement, NBNK said: “NBNK was formed for the purpose of making acquisitions in order to establish a significant UK retail bank and confirms that it has submitted a bid.”